What will this renovation actually cost you?
Enter your home value, mortgage and budget. We'll show your usable equity under the 80% lending ceiling, then price the same project four different ways.
Four ways to fund the same renovation
Monthly cost and five-year interest, on a $120,000 project.
| Option | Amount funded | Monthly cost | Interest over 5 yrs | Upfront cost |
|---|---|---|---|---|
HELOC behind the mortgage Interest-only, draw as the trades invoice | $120,000 | $645 + existing $3,335 | $38,700 | ~$1,100 |
Refinance mid-term Breaks the mortgage — penalty applies | $120,000 | $3,610 all-in, one payment | $138,540 | $6,300 |
Add it at renewal No penalty — timed to maturity | $120,000 | $3,584 all-in, one payment | $137,576 | $1,800 |
Unsecured / contractor financing 10-year term, no equity required | $120,000 | $1,767 + existing $3,335 | $64,309 | $0 |
The HELOC line looks cheapest month to month because it's interest-only — you're not paying the balance down. Nothing is repaid unless you make principal payments on purpose.
A refinance or renewal take-out spreads the renovation over a long amortization at the lowest rate, but re-amortizing resets the clock. Waiting for renewal avoids the penalty entirely, which is often the single biggest number on this page.
Scenario only — not a pre-approval or a rate hold. Actual rates, limits, and penalties depend on your lender, credit, income, and an appraisal of the property.
Before you spend it, find out what the renovation is actually worth.
Tyler Waldron is licensed as both a mortgage broker (MB611612) and a realtor. So alongside the financing math, we'll tell you honestly what a kitchen, suite, or full addition is likely to return in your South Surrey or White Rock neighbourhood — and when moving is the cheaper renovation.